Playing the NC Lottery

[PhillyB]

welp guess i'll go chuck them at some strippers instead

[Happy Panther]

Get your strategies ready.

 

I bought 600M tickets so I am good.

[Guest]

um, it's true, although for such low odds, it doesn't make a huge difference.

 

Let's say there were only 10 sets of number combinations for simplicity sake.

 

 

If you draw 4 sets of numbers once, your odds of drawing the winning set of numbers are 4/10, or 40% for that one drawing.

 

 

Let's say, in another scenario, you draw 1 set of numbers, 4 times, all independently events.

 

For this scenario, you have 3 options: not winning, winning once, and winning more than once.

 

To figure out the odds of winning at least once, you need to figure out the odds of not winning at all.  This will be the product of not winning in each instance.

 

ie P(1st attempt) * P(2nd attempt) * P(3rd attempt) * P(4th attempt)

 

(0.9*0.9*0.9*0.9)= 65.6% chance of not drawing the winning number combination in 4 tries.

 

This puts the chance drawing the winning numbers at least once at 34.4% in 4 attempts.

 

Vs a 40% chance of winning if you drew the 4 numbers all at once.

 

Numberz...

[Hawk]

if one of you were to win the powerball....how much of that current 600 odd million dollars would you actually receive...and over what period of time?

 

 

the biggest we have in Canada maxes out at 50 Million.  Tax free, paid out in full.

[Jangler]

after taxes and lump sum payout, probably get about half.

 

 

Should still be enough, enough to get some 24 year old actress/singer/model to notice me.

[rg3and10]

The lottery is a tax on stupid people.

[Happy Panther]

if one of you were to win the powerball....how much of that current 600 odd million dollars would you actually receive...and over what period of time?

 

 

the biggest we have in Canada maxes out at 50 Million.  Tax free, paid out in full.

 

If you take the lump sum you will get around 1/3rd after taxes.

 

So for the current jackpot of $636m you get around $205m immediately after federal and state taxes (depends on the state).

 

Barely worth it

[Inimicus]

if one of you were to win the powerball....how much of that current 600 odd million dollars would you actually receive...and over what period of time?

the biggest we have in Canada maxes out at 50 Million. Tax free, paid out in full.

According to this site: http://www.afterlotto.com/lottery_calculator.html

After taxes the lump sum payout nets you 233 million if you live in NC. If you take it over the 25 years it's 16.3 million a year for a post tax total of 432 million.

Yeah I'll throw down a sawbuck for a shot at that scratch.

[Hawk]

hard to imagine, isn't it?  getting a cheque...you heathens....every year for 16 million!!!!!

[Doyle]

The lottery is a tax on stupid people.

 

They aren't getting my money.  The state or whoever wins.  Education Lottery my ass.

[Panthro]

You'd get $16m a year if you took the $233 million and just collected 7% interest and in the end you get $16m a year and $233m. Always take the money up front

[Panthro]

Or don't touch it and be a billionaire in 20 years

[Anybodyhome]

Lump sum is the only way to go... unless you have some way of knowing you won't get hit by a bus until you've collected all of your winnings.

 

Of course, the lottery people would love nothing more than to invest your winnings and make money off it while paying out your annuity if you opted for annual payments.

[ItsNotGonnaBeAlright]

Wasn't going to buy a ticket, then a guy I work with won a million dollars yesterday. Specifically, this guy.  At the point I figured "eh, what the hell?"

So my strategy is to buy one ticket after someone I know gets insta-wealthy.